December 9, 2019 Headlines

The overnight trading session was quiet following the strong jobs report on Friday. US Treasury yields are 1-3bps lower along the curve and the S&P 500 is set to open -.11%. Looking ahead, this week is filled with economic releases, heavy Treasury supply, and geopolitical events. On Wednesday, the market will see the latest CPI release alongside the FOMC decision, which is expected to leave short term rates unchanged. However, market participants will need to wait until the following morning, December 12th, to see if the Fed announces any changes to the repo program. At the end of the week, retail sales will be released, in addition to a decision on U.S./China trade tariffs. Recent headlines last week have suggested that both sides were closer than many thought to securing a deal, but December 15th remains the key deadline before the US implements tariffs on $156 billion in consumer goods.

Chris Eckhoff
Associate, Investment Management Group

12/10/2019NFIB Small Business Optimism103102.4
12/10/2019Nonfarm Productivity-0.10%-0.30%
12/10/2019Unit Labor Costs3.40%3.60%
12/11/2019MBA Mortgage Applications-9.20%
12/11/2019CPI MoM0.20%0.40%
12/11/2019CPI Ex Food and Energy MoM0.20%0.20%
12/11/2019CPI YoY2.00%1.80%
12/11/2019CPI Ex Food and Energy YoY2.30%2.30%
12/11/2019CPI Core Index SA265.46265.011
12/11/2019CPI Index NSA257.215257.346
12/11/2019Real Avg Weekly Earnings YoY0.90%1.10%
12/11/2019Real Avg Hourly Earning YoY1.20%1.40%
12/11/2019FOMC Rate Decision (Upper Bound)1.75%1.75%
12/11/2019FOMC Rate Decision (Lower Bound)1.50%1.50%
12/11/2019Interest Rate on Excess Reserves1.55%1.55%
12/11/2019Monthly Budget Statement-$205.6b-$134.5b
12/12/2019PPI Final Demand MoM0.20%0.40%
12/12/2019PPI Ex Food and Energy MoM0.20%0.30%
12/12/2019PPI Ex Food, Energy, Trade MoM0.20%0.10%
12/12/2019PPI Final Demand YoY1.20%1.10%
12/12/2019PPI Ex Food and Energy YoY1.70%1.60%
12/12/2019PPI Ex Food, Energy, Trade YoY1.50%
12/12/2019Initial Jobless Claims215k203k
12/12/2019Continuing Claims1678k1693k
12/12/2019Bloomberg Consumer Comfort61.7
12/12/2019Household Change in Net Worth$1830b
12/13/2019Import Price Index MoM0.20%-0.50%
12/13/2019Import Price Index ex Petroleum MoM-0.10%-0.10%
12/13/2019Import Price Index YoY-1.20%-3.00%
12/13/2019Export Price Index MoM0.10%-0.10%
12/13/2019Export Price Index YoY-2.20%
12/13/2019Retail Sales Advance MoM0.50%0.30%
12/13/2019Retail Sales Ex Auto MoM0.40%0.20%
12/13/2019Retail Sales Ex Auto and Gas0.40%0.10%
12/13/2019Retail Sales Control Group0.30%0.30%
12/13/2019Bloomberg Dec. United States Economic Survey
12/13/2019Business Inventories0.20%0.00%


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